Former FELDA Investment Corporation Sdn Bhd (FIC) CEO Mohd Zaid Abdul Jalil was charged with two counts of deceiving the company’s board over the appointment of a project developer and the market value of 24 FELDA-owned plots in Kuala Lumpur in 2014.
Mohd Zaid, 55, pleaded not guilty to both charges when they were read before Sessions Court judge Rosli Ahmad today.
“Understood (the charges). I plead not guilty and claim trial,” he said.
The first charge alleges that Mohd Zaid misled FIC’s board into believing Synergy Promenade Sdn Bhd was eligible to be appointed as Project Delivery Partner-Master Developer for a proposed commercial development on FELDA lots along Jalan Semarak.
The prosecution alleges that he knew the company was only eligible to serve as Project Delivery Partner-Master Planner. The alleged deception led the board to approve the appointment.
For the second charge, Mohd Zaid allegedly misled the board over the market value of 24 FELDA land lots. The prosecution said he presented a valuation of RM330.96 million by Firdaus & Associates Property Professionals Sdn Bhd despite knowing the reported value was RM691.7 million.
He also allegedly knew that an initial RM180 million market estimate by the Valuation and Property Services Department had never been provided to FELDA.
The alleged deception resulted in the board accepting Synergy Promenade’s offer based on a minimum guaranteed return of RM500 million or 10% of gross development value, whichever was higher.
The offences allegedly took place at Menara FELDA on Jan 16 and April 29, 2014, under Section 417 of the Penal Code, which carries up to five years’ imprisonment, a fine or both upon conviction.
Deputy public prosecutor Mohd Radzi Shah Ab Razak sought RM50,000 bail with one surety for each charge, together with monthly reporting to the Malaysian Anti-Corruption Commission and surrender of Mohd Zaid’s passport to the court.
